Question 1

When an entry is made in the general journal,

Accepted Answer

A)  the accounts to be credited should be indented. 
B)  the first account entered should be indented. 
C)  liability,capital,and revenue accounts should be indented. 
D)  asset accounts should be indented. 
A)  the accounts to be credited should be indented. 
B)  the first account entered should be indented. 
C)  liability,capital,and revenue accounts should be indented. 
D)  asset accounts should be indented. A

Question 2

Indicate how each of the following would be reflected in the journal entry required to record the effects described by using debit or credit to indicate the increase or decrease in each affected account.

Accepted Answer

The answer of Indicate how each of the following would...

Question 3

Transactions in a journal are initially recorded in

Accepted Answer

A)  account number order. 
B)  alphabetical order. 
C)  chronological order. 
D)  dollar amount order. 
A)  account number order. 
B)  alphabetical order. 
C)  chronological order. 
D)  dollar amount order. A

Question 4

A journal entry containing more than one debit or more than one credit is called a(n)____________________ entry.

Accepted Answer

The answer of A journal entry containing more than one...

Question 5

The accounts with identification letters for Sealy Delivery Services are listed below.   During the current month,the company completed the transactions listed below.Indicate the appropriate journal entry that needs to be recorded for each transaction by providing the account letter and amount.Some entries may need more than one debit and/or more than one credit.The first transaction is completed as an example.

Accepted Answer

The answer of The accounts with identification letters for Sealy...

Question 6

A ledger account contains a complete record of the individual transaction activity in each account.

Accepted Answer

A) True 
 B)False

Question 7

Indicate how each of the following would be reflected in the journal entry required to record the effects described by using debit or credit to indicate the increase or decrease in each affected account.

Accepted Answer

The answer of Indicate how each of the following would...

Question 8

The effects of each transaction are recorded in a financial record called a(n)____________________.

Accepted Answer

The answer of The effects of each transaction are recorded...

Question 9

A journal is referred to as a record of ____________________ entry.

Accepted Answer

The answer of A journal is referred to as a...

Question 10

Anna Conda Landscaping service received a bill for the utilities used during September.The bill will be paid in October.The journal entry to record the utility bill received is:

Accepted Answer

A)  Debit Utilities Expense;Credit Accounts Payable 
B)  Debit Cash;Credit Utilities Expense 
C)  Debit Utilities Expense;Credit Cash 
D)  Debit Accounts Payable;Credit Cash 
A)  Debit Utilities Expense;Credit Accounts Payable 
B)  Debit Cash;Credit Utilities Expense 
C)  Debit Utilities Expense;Credit Cash 
D)  Debit Accounts Payable;Credit Cash

Question 11

Which of the following statements is NOT correct?

Accepted Answer

A)  The description of a journal entry should include a reference to the source of the information contained in the entry. 
B)  If goods are purchased on credit,the supplier's invoice number is used as the source document for the transaction. 
C)  The credit portion of a general journal entry is always recorded first. 
D)  A firm should be able to trace amounts through the accounting records and back to their source documents. 
A)  The description of a journal entry should include a reference to the source of the information contained in the entry. 
B)  If goods are purchased on credit,the supplier's invoice number is used as the source document for the transaction. 
C)  The credit portion of a general journal entry is always recorded first. 
D)  A firm should be able to trace amounts through the accounting records and back to their source documents.

Question 12

The number of the ____________________ is recorded in the Posting Reference column of the journal.

Accepted Answer

The answer of The number of the ____________________ is recorded...

Question 13

If a transaction is properly analyzed and recorded,

Accepted Answer

A)  only two accounts will be used to record the transaction. 
B)  one account balance will increase and another will decrease. 
C)  one asset account will be debited and one liability account will be credited. 
D)  the total dollar amount debited will equal the total dollar amount credited. 
A)  only two accounts will be used to record the transaction. 
B)  one account balance will increase and another will decrease. 
C)  one asset account will be debited and one liability account will be credited. 
D)  the total dollar amount debited will equal the total dollar amount credited.

Question 14

Business papers,such as checks,invoices,receipts,letters,and memos,that furnish proof that a transaction has taken place are called

Accepted Answer

A)  ledgers. 
B)  source documents. 
C)  debit entries. 
D)  accounts. 
A)  ledgers. 
B)  source documents. 
C)  debit entries. 
D)  accounts.

Question 15

The journal entry to record the receipt of cash from credit clients on account would include

Accepted Answer

A)  a debit to Cash and a credit to Fees Income. 
B)  a debit to Fees Income and a credit to Cash. 
C)  a debit to Cash and a credit to Accounts Receivable. 
D)  a debit to Accounts Receivable and a credit to Cash. 
A)  a debit to Cash and a credit to Fees Income. 
B)  a debit to Fees Income and a credit to Cash. 
C)  a debit to Cash and a credit to Accounts Receivable. 
D)  a debit to Accounts Receivable and a credit to Cash.

Question 16

For each of the accounts listed below,enter the words,Increase or Decrease,in the Debit and Credit columns to indicate the effects of each on the account balance.The first row has been completed for reference.

Accepted Answer

The answer of For each of the accounts listed below,enter...

Question 17

On July 3,the ABC Company received $865 in cash on account from customers.The correct journal entry is

Accepted Answer

A)  debit Cash,$865;credit Income from Services,$865 
B)  debit Cash,$865;credit Accounts Payable,$865 
C)  debit Accounts Receivable,$865;credit Cash,$865 
D)  debit Cash,$865;credit Accounts Receivable,$865 
A)  debit Cash,$865;credit Income from Services,$865 
B)  debit Cash,$865;credit Accounts Payable,$865 
C)  debit Accounts Receivable,$865;credit Cash,$865 
D)  debit Cash,$865;credit Accounts Receivable,$865

Question 18

ABC Co.performed $5,000 of consulting work.Their customer paid them $1,500 right away and agreed to pay the balance in 30 days.Select the correct journal entry from the options below to record the transaction:

Accepted Answer

A)  a debit to Cash for $1,500,a debit to Accounts Receivable for $3,500 and a credit to Fees Income for $5,000. 
B)  a debit to Cash for $1,500 and a credit to Fees Income for $1,500. 
C)  a debit to Accounts Receivable for $3,500 and a credit to Fees Income for $3,500. 
D)  a debit to Fees Income for $5,000,a credit to Cash for $1,500 and a credit to Accounts Receivable for $3,500. 
A)  a debit to Cash for $1,500,a debit to Accounts Receivable for $3,500 and a credit to Fees Income for $5,000. 
B)  a debit to Cash for $1,500 and a credit to Fees Income for $1,500. 
C)  a debit to Accounts Receivable for $3,500 and a credit to Fees Income for $3,500. 
D)  a debit to Fees Income for $5,000,a credit to Cash for $1,500 and a credit to Accounts Receivable for $3,500.

Question 19

If a journal entry that contains an error has already been posted,

Accepted Answer

A)  the incorrect items should be erased and replaced with the correct data. 
B)  the journal need not be corrected but the posting to the ledger should be corrected by crossing out the incorrect data and writing the correct data above it. 
C)  a correcting entry should be journalized and posted. 
D)  the incorrect items should be corrected by crossing out the incorrect data and writing the correct data above it in both the journal and the ledger. 
A)  the incorrect items should be erased and replaced with the correct data. 
B)  the journal need not be corrected but the posting to the ledger should be corrected by crossing out the incorrect data and writing the correct data above it. 
C)  a correcting entry should be journalized and posted. 
D)  the incorrect items should be corrected by crossing out the incorrect data and writing the correct data above it in both the journal and the ledger.

Question 20

A ledger is sometimes referred to as a record of original entry.

Accepted Answer

A) True 
 B)False

Exam 4: The General Journal and the General Ledger

When an entry is made in the general journal,

Indicate how each of the following would be reflected in the journal entry required to record the effects described by using debit or credit to indicate the increase or decrease in each affected account.

Transactions in a journal are initially recorded in

A journal entry containing more than one debit or more than one credit is called a(n)____________________ entry.

A ledger account contains a complete record of the individual transaction activity in each account.

Indicate how each of the following would be reflected in the journal entry required to record the effects described by using debit or credit to indicate the increase or decrease in each affected account.

The effects of each transaction are recorded in a financial record called a(n)____________________.

A journal is referred to as a record of ____________________ entry.

Anna Conda Landscaping service received a bill for the utilities used during September.The bill will be paid in October.The journal entry to record the utility bill received is:

Which of the following statements is NOT correct?

The number of the ____________________ is recorded in the Posting Reference column of the journal.

If a transaction is properly analyzed and recorded,

Business papers,such as checks,invoices,receipts,letters,and memos,that furnish proof that a transaction has taken place are called

The journal entry to record the receipt of cash from credit clients on account would include

For each of the accounts listed below,enter the words,Increase or Decrease,in the Debit and Credit columns to indicate the effects of each on the account balance.The first row has been completed for reference.

On July 3,the ABC Company received $865 in cash on account from customers.The correct journal entry is

ABC Co.performed $5,000 of consulting work.Their customer paid them $1,500 right away and agreed to pay the balance in 30 days.Select the correct journal entry from the options below to record the transaction:

If a journal entry that contains an error has already been posted,

A ledger is sometimes referred to as a record of original entry.

Accounting: the Language of Business

Analyzing Business Transactions

Analyzing Business Transactions Using T Accounts

Adjustments and the Worksheet

Closing Entries and the Postclosing Trial Balance

Accounting for Sales and Accounts Receivable

Accounting for Purchases and Accounts Payable

Cash Receipts, Cash Payments, and Banking Procedures

Payroll Computations, Records, and Payment

Payroll Taxes, Deposits, and Reports

Accruals, Deferrals, and the Worksheet

Financial Statements and Closing Procedures

Accounting Principles and Reporting Standards

Accounts Receivable and Uncollectible Accounts

Notes Payable and Notes Receivable

Merchandise Inventory

Property, Plant, and Equipment

Accounting for Partnerships

Corporations: Formation and Capital Stock Transactions

Corporate Earnings and Capital Transactions

Long-Term Bonds

Financial Statement Analyses

The Statement of Cash Flows

Departmentalized Profit and Cost Centers

Accounting for Manufacturing Activities

Job Order Cost Accounting

Process Cost Accounting

Controlling Manufacturing Costs: Standard Costs

Cost-Revenue Analysis for Decision Making

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